Global Holdings Acquires Instrata Nomad for $380M
Wells Fargo provided the debt.
Global Holdings Management Group has officially closed on its purchase of the Instrata Nomad, paying $380 million for the luxury apartment building, sources told Commercial Observer.
Wells Fargo provided the acquisition financing, although the loan amount couldn’t immediately be ascertained.
Eastdil Secured brokered the sale and also negotiated the financing, sources said.
The asset, at 10 East 29th Street, includes 392 market-rate units and comprises 408,000 square feet.
CO first reported in October that Global Holdings would snap up the 50-story property from L.A. pension fund Los Angeles County Employees’ Retirement Association (LACERA)—which was being advised by Invesco Real Estate—for roughly $400 million.
Sheppard Mullin represented the pension fund in the transaction.
In April 2019, LACERA announced plans to sell off up to $1 billion of its $6.4 billion in real estate holdings in an attempt to bring the portion of its total investment dedicated to the sector down to 7 percent. The sell-off was expected to include roughly $500 million in multifamily assets.
Officials at Global Holdings and Eastdil declined to comment. Officials at Wells Fargo weren’t immediately available for comment.